Lagos State has predicted an annual revenue of N5 trillion by the year 2027.
Towards achieving this target, Chief Executive Officer, Modo Ante, Joko Okupe, said his governance, public sector and political consultancy firm plans to hold the Eko Revenue Plus Summit next month.
There, business leaders, industry experts and government officials aims to explore innovative strategies to increase the State’s internal generated revenue (IGR) to N5 trillion by 2027 as well as drive sustainable economic growth for the State and prosperity for its inhabitants.
According to him, the Eko Revenue Plus Summit is an audacious ambition aimed at unlocking new streams of revenue for the State to fast-track socio-economic development. It is a crucial step towards harnessing the full potential of Lagos State.
Justifying the need for the summit, Okupe said, “By leveraging technology and innovation, we can unlock ‘new money’ that will enhance Lagos State’s ability to provide better social amenities and economic opportunities for Lagosians.”
Speaking further, he stated that there are several sectors holding untapped potential for revenue growth in Lagos State, but the focus will be strong on how the income streams of existing revenue generation of government entities can be enhanced and how “new money” can be generated. By new money, he meant revenues that erstwhile do not exist.
“Working closely with the Special Adviser to the Governor on Taxation & Revenue and his team, we have identified five core sectors of the State’s economy with the potentials for additional revenue to help generate extra (Plus) IGR of about N2.73 trillion. These sectors, in order of priority, are Property, Digital Economy, Informal Sector, Energy Sector and Circular Economy, with The Energy Sector as a support pillar for the other four sectors and a catalyst for the general economic development in any environment, for that matter.”
